Personal Property Subject to Mortgage, Pledge, or Lien; Attachment, Levy of Execution, and Sale

V.S.A. tit. 12, ch. 123, subch. 5

in effect

12 V.S.A. § 3351 Attachment, taking in execution, and sale

3351. Attachment, taking in execution, and sale Personal property not exempt from attachment, subject to a mortgage, pledge, or lien, may be attached, taken in execution, and sold as the property of the mortgagor, pledgor, or general owner, in the same manner as other personal property, except as otherwise provided in this subchapter. Amended 2018, No. 8 (Sp. Sess.), § 6, eff. June 28, 2018.

12 V.S.A. § 3352 Statement of secured debt

3352. Statement of secured debt The officer making such attachment or taking such property on execution may make a written demand of the mortgagee, pledgee, or the holder of such lien, for an account in writing, under oath, of the amount due upon the debt secured by such mortgage, pledge, or lien, and may retain such property in his or her custody until the same is given without tender or payment. Upon receiving such demand, the account shall be rendered within 15 days by a resident of the State and within 30 days by a nonresident. If the account is not rendered within the time aforesaid or if a false account is rendered, such property may be holden and sold, discharged from such mortgage, pledge, or lien.

12 V.S.A. § 3353 Payment of debt if due

3353. Payment of debt if due When such debt is due at the time of rendering the account, the creditor so attaching or causing such property to be taken on execution may pay or tender, within 10 days after such account is rendered, the amount so rendered to the mortgagee, pledgee, or holder of such lien, and retain and sell such property free and clear of such mortgage, pledge, or lien.

12 V.S.A. § 3354 Payment of debt becoming due before sale

3354. Payment of debt becoming due before sale When such debt is not due at the time of rendering the account, but becomes due before the time fixed by the officer making such attachment or levy of execution for the sale of the property, within 10 days after the debt becomes due and before the sale, such creditor may pay or tender the amount thereof to such mortgagee, pledgee, or holder of such lien, and retain and sell such property as is provided in section 3353 of this title.

12 V.S.A. § 3355 Payment of debt not due

3355. Payment of debt not due When such debt is not due at the time fixed by the officer for sale of the property, the creditor may offer to pay the debt to the mortgagee, pledgee, or holder of the lien. If such payment is accepted, the same proceedings may be had as provided in section 3353 of this title.

12 V.S.A. § 3356 Subrogation of creditor by payment

3356. Subrogation of creditor by payment When such creditor pays or tenders such debt to the mortgagee, pledgee, or holder of such lien, as provided in sections 3353-3355 of this title, he or she shall be subrogated to all the rights of such mortgagee, pledgee, or holder, and may cause the same to be sold in the same manner that unencumbered personal property may be sold on mesne or final process; and the proceeds of such sale shall be applied first, in payment of the sum paid by such creditor to such mortgagee, pledgee, or holder and second, to satisfy the execution.

12 V.S.A. § 3357 Sale of property subject to mortgage, pledge, or lien

3357. Sale of property subject to mortgage, pledge, or lien When the mortgagee, pledgee, or holder of a lien duly renders such account, whether or not the debt is due, the attaching creditor may cause the property to be sold subject to the mortgage, pledge, or lien, without first paying or tendering the amount due on the debt secured thereby.

12 V.S.A. § 3358 Subrogation of purchaser

3358. Subrogation of purchaser When a mortgagor, pledgor, or conditional vendee of property sold on execution under the provisions of this subchapter fails or refuses to discharge such lien after it becomes due and payable, and within 10 days after written notice so to do is served upon him or her by the purchaser of the whole or part thereof, the person so purchasing may tender and pay to the holder of such mortgage, pledge, or lien, or the conditional vendor, the amount due such creditor upon the whole of such property. Upon such tender or payment, such purchaser shall be subrogated to all the rights of such original mortgagee, pledgee, or conditional vendor, and may hold the same as security for the amount so paid in discharge of such original claim, together with the sum paid by him or her on the execution sale, with interest upon such sums. He or she shall have the same benefit of foreclosure, sale, and disposition of such property that the original mortgagee, pledgee, or conditional vendor would have had under his or her claim.

12 V.S.A. § 3359 Property subject to conditional sales contract—Attachment and execution

3359. Property subject to conditional sales contract—Attachment and execution If property, in pursuance of the terms of a conditional sales contract, has passed into the possession of the vendee and the purchase money or part thereof remains unpaid, a creditor of the vendee may attach or levy his or her execution upon the property, and, upon payment or tender of such unpaid purchase money to the vendor, his or her agent or attorney, within 10 days after notice of the amount thereof remaining unpaid, may hold the property discharged from the claim of such vendor.

12 V.S.A. § 3360 Proceeds of sale

3360. Proceeds of sale The officer making such attachment or levy shall hold and dispose of such property like other personal property attached or levied upon, and from the proceeds of the sale thereof pay to the creditor the amount by him or her paid or tendered to the vendor and apply the residue upon the execution.

12 V.S.A. § 3361 Defense in action by vendor

3361. Defense in action by vendor If the vendor refuses to receive the amounts so tendered him or her and brings an action on account of the attachment or levy, the tender shall constitute a defense. On proof thereof and payment of the money tendered into court, the defendant may recover his or her costs, unless it appears that the amount so tendered, as the residue of the purchase money, was less than the sum due the vendor. Amended 1971, No. 185 (Adj. Sess.), § 92, eff. March 29, 1972.

12 V.S.A. § 3362 Mortgagee taking possession; foreclosure of mortgage, pledge, or lien

3362. Mortgagee taking possession; foreclosure of mortgage, pledge, or lien Sections 3351-3361 of this title shall not be construed so as to prevent or delay a mortgagee or a conditional vendor from taking possession of the secured property at any time for its necessary care and preservation, nor to prevent or delay the due foreclosure of a mortgage, pledge, or lien under the provisions of 9A V.S.A. Article 9. Amended 1959, No. 262, § 27, eff. June 11, 1959; 1971, No. 185 (Adj. Sess.), § 93, eff. March 29, 1972.

12 V.S.A. § 3363 Property in hands of bailee—Taking of reversionary interest of lessor, bailor, pledgor, or other owner

3363. Property in hands of bailee—Taking of reversionary interest of lessor, bailor, pledgor, or other owner The reversionary title in personal property may be attached or levied upon as the property of the lessor, bailor, pledgor, or other person owning the same, subject to the contract rights of the party holding possession thereof.

12 V.S.A. § 3364 Service of process on person holding property

3364. Service of process on person holding property A valid lien on such property shall be created by delivering to the person so holding it a true and attested copy of the process upon which it is attached or levied, with the return of the officer thereon describing it, which shall have the same effect as though the property were taken into the possession of such officer.

12 V.S.A. § 3365 Sale of reversionary interest

3365. Sale of reversionary interest The reversionary interest in the property may be sold at public sale, as personal property is required to be sold upon legal process, subject to the contract rights under which it is held.

Source: Vermont General Assembly (legislature.vermont.gov)URL: https://legislature.vermont.gov/statutes/chapter/12/123Fetched: 10/21/2026